After last week's crypto bloodbath, the price correction for most cryptocurrencies continued during the weekend.
For the past two days Bitcoin as well as some altcoins showed resilience and erasing some of the recent losses
Solana (SOL) in particular is currently trading at $140.57 after a 15% increase since the 4-month bottom of $122.44, registered on the 5th of July.
This recovery follows recent market turbulence triggered by concerns over Mt. Gox Bitcoin reimbursements and large BTC sales by the German government. Increased inflows into BTC ETFs have also boosted sentiment.
Analyst Ali Martinez noted similarities between SOL’s current price pattern and 2021, suggesting potential for a broader market rally.
#Solana seems to be mirroring the same price pattern we saw in 2021! Even the $SOL RSI is at the same level it was back then before the big bullish breakout. pic.twitter.com/5QQKjUlZcx
— Ali (@ali_charts) July 8, 2024
CoinCodex predicts SOL to reach $158.48 by month-end, up 11.2%, while Changelly forecasts a peak of $147.26 by July 2024.
The upcoming Ethereum ETF launch could further stimulate market activity, similar to the BTC ETF earlier this year, potentially driving a market-wide upswing.
Charles Hoskinson, the founder of Cardano, recently addressed claims about ADA staking and its market value.
Metalpha, a major crypto wealth management firm based in Hong Kong, recently transferred $77.55 million in Ethereum (ETH) to Binance, as reported by Lookonchain.
This month, Toncoin (TON) will roll out a series of high-profile airdrops.
Shiba Inu’s marketing leader Lucie announced a major update for Shibarium’s Layer 2 blockchain, hinting at a significant development coming in less than nine days.